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Why do you think we are in such a bad recession?

 
xxhazeldovexx

Asked by xxhazeldovexx at 12:17 AM on Jan. 14, 2009 in Politics & Current Events

Level 34 (67,320 Credits)
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Answers (17)
  • 1. Banksgiving bad loans.
    2. Selling said loans off.
    3. AMericans charging everything and not being able to afford it.
    4. Housing prices soaring beyond the average persons means.
    5.Govenrment not taking action when they werewarned.
    6. Banks not giving out loans even though they recieved bailout money inteneded for this purpose. Which inturn means no loans for cars or houses or small businesses.
    7. Outsousrcing many jobs so that there are not enough here.
    8. Not developing our technology to compare or beat Japan's and China's so that we can be in compettiiont witht them instead of importing from them.
    9. NOT DOING SOMETHING ABOUT ILLEGAL IMMIGRATION! Illegal immigrants get money from the government and welfare system even though most of the US citizens are turned down and refused help.
    Ibelongtojesus

    Answer by Ibelongtojesus at 9:11 AM on Jan. 14, 2009

  • because it happens ... things cant always go great when it comes to money and bussiness
    Anonymous

    Answer by Anonymous at 12:21 AM on Jan. 14, 2009

  • I really think that a lot of it has to do with businesses being outsourced, too many people lost their jobs and had to take on ones that paid less just to make ends meet.
    sophiebethmom

    Answer by sophiebethmom at 1:04 AM on Jan. 14, 2009

  • There's many reasons. It can't just be pinpointed on one reason.
    Izsarejman

    Answer by Izsarejman at 1:18 AM on Jan. 14, 2009

  • Various reasons...does no good to try to figure out how it all happened at this point. We have to look forward to what can be done to fix it.
    NorahSethsMommy

    Answer by NorahSethsMommy at 1:43 AM on Jan. 14, 2009

  • Deregulation.
    Kaelaasmom

    Answer by Kaelaasmom at 1:53 AM on Jan. 14, 2009

  • Americans lived outside their means. Groups like Acorn were allowed to strong arm banks and other lenders to give loans to people who should never have qualified. When the American people overextend themselves they screw things up.  The war did not help but usually a war helps us because we start producing goods for the war effort and all contribute to help with that effort.  We are a country of lazy asses and don't produce much of anything other than hot air and whining.  We can blame our Government all we want but the people are who put us in a deep recessions.  Every 8 years or so we will have one but this one is particularly nasty thanks to the entitlement minded people in our society. 

    Anonymous

    Answer by Anonymous at 2:16 AM on Jan. 14, 2009

  • anon u r awesom. I wish I knew u but I understand. Could not have said it better myself. If you think about it those of us who worked many years and cared could see something happening. I think that when the tech bust occured in 2000 and then Enron 2002 those were good warnings as to the idea that too many people were trying to play the stockbroker game, the smarter elite saw this and played but bailed out early and everyone was trying to be in on the greed of all these players. With combination of Gov't deregulation thanks to GOP and these poorly secured mortgages (thanks to (not really sure yet)), which should have had some rules (kinda like the bailout to AIG, duh!!), we the majority little people have been screwed. The rug has literally been pulled from under so many of us. But the rich stay rich and move to China where the new money is.
    Anonymous

    Answer by Anonymous at 2:56 AM on Jan. 14, 2009

  • i think its do to miss managment of money.. both the citizens and the government...
    JuLiAnSmOmMy317

    Answer by JuLiAnSmOmMy317 at 3:05 AM on Jan. 14, 2009

  • Anon 216 am don't think the banks were victims. I worked at finance company that their business was to lend to people with bad credit and charge 18-25% interest. We use to have big car dealers call up and say look I am giving you XX number of people who you should be able to collect from but Jane Doe I need to sell a car to meet my quota but she is borderline on the payment. I need you to push this loan through. The banks agreed. So don't think it is what the media makes it out to be. The banks took the risks on there own (this happens alot of banks)
    Anonymous

    Answer by Anonymous at 3:51 AM on Jan. 14, 2009

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